Valero Weighing Options for California Refineries

Independent refiner Valero Energy Corp's chief executive said on Tuesday that the company was weighing options for its two California refineries due to the state's economic policies.

We think their policies turn their back on the negative economic impacts, Valero CEO Bill Klesse said in a conference call with Wall Street analysts when asked about a carbon cap-and-trade plan recently adopted by California.

As for us, we're looking at our options, Klesse said. He declined to provide further detail on what options Valero may be considering.